HDFC Bank, initially mooted as a building society in 1984 during an era when the country launched a national housing development drive and registered under the National Housing Act. In the year 1997, the Housing Development Finance Corporation of Sri Lanka Act No. 7 of 1997 was passed by Parliament to form a public corporation with the authority to provide housing related financial services and to
accept public deposits. HDFC was transformed into a corporation in year 2000. In 2003 the Housing Development Finance Corporation of Sri Lanka Act No. 7 of 1997 was amended to form a specialized bank. The name was changed to “Housing Development Finance Corporation Bank of Sri Lanka”
HDFC Bank was listed in the Colombo Stock Exchange in 2005, which resulted in private sector investment in the Bank. Subsequently, the HDFC bank was floated in the stock market becoming the only State bank quoted in the Colombo Stock Exchange, showcasing Public Private Sector partnership in banking in Sri Lanka. HDFC bank developed further in 2011, with the amendments to the HOUSING DEVELOPMENT FINANCE CORPORATION ACT which was enacted enabling the bank to change its traditional business model to serve to a wider market. As a result, the Bank adopted a diversification strategy by diversifying the product portfolio by entering in to new market segments. A number of new short term lending products were introduced enabling the bank to diversify the business model. Accordingly, other than providing finance for housing related requirements, we have introduced new products such as Leasing, Gold loan, Education Loans and Development Finance schemes to suit various needs of the customers.
